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Guardian: Unbearable Debt Pushing Greece Back to Drachma


After taking the estimations of the Greek debt under consideration and the fact that Greek citizens are reeling in austerity measures for more than four years, the British newspaper “The Guardian” brings the Drachma scenario back to life.

A possible “Grexit” from the euro zone is imminent, according to today’s article in “The Guardian.” Although the British newspaper acknowledges that there is indeed an obvious improvement in the Greek economy, it estimates that the huge debt and the unbearable austerity measures might leave the Greek officials with no other solution but to return to the Drachma.

The newspaper mentions that “these concerns are related to the long-term course of the Greek debt, as the existing program obliges Greece to have a primary surplus at 4 percent of GDP until 2030, something that means further economic recession.

However, since Greek citizens cannot afford more austerity measures, they may push the Greek government toward the Drachma direction.”

Despite that, The Guardian says a possible Grexit is imminent, the article underlined that this is not going to happen soon.

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